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Councilmember Brown expressed her appreciation for the developer taking into consideration the Council's previous input in terms of parking, massing, varying setbacks, and color. The Downtown Specific Plan needs to be updated so there are definite guidelines for developers. The City needs to give some definitive direction to landowners and businessowners in the Downtown. She asked very clearly that the developer endorse the legal guidelines, especially regarding parking. Councilmember Narum would have liked to see more setback on the second floor. The balconies add interest and draw to the Downtown area. The articulation on east and west sides are much better. Breaking the building into two separate buildings was brilliant. She is concerned about the noise and is happy with whatever we can do to make it clear to tenants that there will be noise. Given the size and configuration of this lot, the balance between retail and residential is good. She is a big proponent of having commercial /retail spaces filled, rather than empty. Councilmember Pentin concurs with the efforts made by the developer. He is disappointed that there was a letter from the Pleasanton Downtown Association that did not approve the project's residential element and when the Downtown Specific Plan is updated the City can fill that gap. He does think it will bring vitality to the Downtown. MOTION: It was m/s by Olson /Brown to waive full reading and adopt Resolution No. 16 -837 approving a Design Review to construct an approximately 1,822- square -foot, two -story commercial /office building with five three -story multi - family residential units at 273 Spring Street as recommended, with the addition of the points made regarding noise, using a separate agreement as part of the lease structure that deals specifically with noise and types of noise in this area, and adding a condition that the garage is used for tenant car parking and Resolution No. 16 -838 approving a Growth Management agreement for said project. Motion passed by the following vote: Ayes: Councilmembers Brown, Narum, Olson, Pentin, Mayor Thorne Noes: None Absent: None 10. Adopt a resolution accepting the midyear FY 2015/16 operating budget and amending the FY 2015/16 operating budget accordingly Director of Finance Tina Olson provided a staff report and a PowerPoint Presentation was displayed. Slides were displayed that described the Operating Budget report and the two Enterprise funds with changes and the Internal Services Funds. The midyear review includes revised revenue estimates and recommended adjustments to expenditures and transfers. The big picture overview stated that a $3.9 million total fund balance revenue exists at midyear. The main changes in revenues included $500,000 increase in property taxes, hotel /motel tax of $1.3 million, and business license increase of $50,000. Property taxes valuation increased from FY 2014 -15 to FY 2015 -16. There were also transfers of ownership for significant developments and increases from development fees and expanded contract classes. There were increases due to strike team reimbursements and a decrease in inter -fund revenues. Councilmember Pentin confirmed with Director of Finance Olson that the strike team revenues equaled half. Director of Finance Tina Olson spoke regarding increases in Library revenues, increase in subventions and grants and decrease in fines and forfeitures. A slide was shown illustrating the changes in sales tax revenue trends. Property Tax trends were shown as increasing and assessed valuation has increased 19 %. City Council Minutes Page 5 of 10 March 15, 2016